Jobs & Unemployment
No — the program stopped accepting applications on August 8. There was at least $128 billion left unclaimed as of July 31.
The SBA released overview reports of PPP loan distributions at the state and industry level since mid-April but did not share detailed loan information until early July, when it published a granular dataset on the 4.9 million loans approved through June 30. The SBA split the data between loans above $150,000 and smaller loans. The dataset of large loans includes business names but lacks specific dollar amounts, while the one for those below $150,000 is anonymized but includes exact values. This data is the most detailed information currently available, although there is a more recent July overview report.
Get cleaned and summarized versions of the data: Loans summarized by county and joined with coronavirus case counts. Loans summarized by state and industry. All loan data for the 30 most populous cities. All loan data with industry descriptions for loans under $150,000. All loan data with industry descriptions for loans over $150,000.
The program approved 4.9 million loans and spent $521 billion through June 30.
Most loans through June were small: 66.8% of them were under $50,000. However, some loans were as much as $10 million. Though just 1.7% of loans were $1 million or more, these large loans accounted for 24.8% of total dollars distributed. The average loan size was $107,000.
The loans under in the under $150,000 dataset made up 86.5% of approved loans but 27.2% of dollars dispensed.
The starts and stops of the program impacted the flow of loan approval through June. The bulk of approvals happened in April and the beginning of May, with 83% of total loans approved before May 10.
The program started on April 3 with $349 billion in funding from the CARES Act. A wave of applications exhausted its resources by April 16, closing the first round. Congress reopened the program on April 27 with an additional $310 billion, and loan approvals spiked again — in line with reports of a backlog of unapproved applications from the first round. Since then, approvals for the second round of funding have slowed.
According to this data, 461,000 additional PPP loans received approval in June. That reflects 9.4% of total loans approved in the first three months of the program. The application deadline for the second round was scheduled for June 30, but Congress has since moved that date back to August 8, with at least $132 billion remaining unclaimed at the end of June.
The most recent July report from the SBA shows that North Dakota and Washington, DC remain the places with the most loan dollars per capita overall so far. However, Florida and California — two states with fewer approved loan dollars per capita in round one — have received more in second-round PPP loans. The data through June shows varied distribution at the county and city levels as well. Of the nation’s 30 most populous cities, Las Vegas received the most loans per capita. Detroit and El Paso, Texas, two cities with low proportions of white, non-Hispanic residents, received the fewest loans per capita. (Read more coverage of geographic distribution compared to race, job loss, and COVID-19.)
The data through June 30 identifies detailed professions for all loan recipients, revealing that full-service restaurants, lawyers, real estate agents, physicians, and dentists received the most loans — over 100,000 and up to almost 170,500.
The July SBA overview report also compares industry distribution as a share of total loan dollars. At 12.9% of dollars distributed, healthcare and social assistance industries received the most, followed by professional, scientific, and technical services (12.7%), construction (12.4%), and manufacturing (10.3%).
The program is designed to support up to eight weeks of continued payroll, and many loans covered two months or more of average pre-pandemic expenses per employee. But certain higher-paying industries, like finance or sports and the performing arts, averaged just two or three weeks of normal payroll. (Read more on loans by industry and profession compared to jobs retained and average payroll expenses.)
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